Financier faces cross-examination in €15m case

FINANCIER Niall McFadden will be cross-examined before the Commercial Court next month about his assets and liabilities as part of National Irish Bank's efforts to enforce judgments of more than €15m against him.

FINANCIER Niall McFadden will be cross-examined before the Commercial Court next month about his assets and liabilities as part of National Irish Bank's efforts to enforce judgments of more than €15m against him.

Mr McFadden was due to be cross-examined last month but it did not go ahead after the court was told a settlement had been reached between him and National Irish Bank (NIB).

No details of that settlement were disclosed.

The matter was put back for implementation of the settlement but Mr Justice Peter Kelly was told yesterday that had not been achieved and he directed cross-examination should proceed on May 18 and 19.

NIB secured €6.3m judgment orders in April 2010 against Mr McFadden arising from his personal guarantee over a bridging loan to a company to help acquire the Buy & Sell classified ads business.

Last July, it secured judgment for a further €8.87m against him arising from his personal guarantees over an overdraft facility provided to a company of developer Paddy Kelly.

Cross-examination of Mr McFadden was sought after the bank received a statement of affairs from him last January listing his actual liabilities to various financial institutions at €35m and contingent liabilities at €50m.

NIB expressed concern that Mr McFadden had failed to fully disclose his financial position in that statement of affairs and secured an order requiring him to supply a supplemental statement of affairs and attend for cross-examination in relation to that.